Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Bank branch audit allotment for 2015-16

Shabbir (F.C.A.) (51 Points)

16 March 2016

Has anyone received the allotment via mail / phone for 2015-16????

Reply
Follow
Share

4 Replies

CA. Anindya Mitra (FCA,DISA) (55 Points)
Replied 16 March 2016

Sir please remember RBI considers 2 factors while allotting Bank Audit :

1. SENIORITY of the firm

2. EXPERIENCE of the firm

So 'seniority' and 'experience' of the partners are considered to the extent they have been associated with the firm.

Thus it is possible that X & CO. a Sole-proprietor with 30 yrs experience & seniority, will continue to get Bank audit without resting.

And ABCDE & CO., a 5 year old firm, having 5 FCAs is yet to get Bank Audit.

I am not a member of any governing body or committee or sub-committee of the Institute but I think its not proper to blame the

President or the Chairman or the Secretary of the ICAI for not getting Bank Audit.

Even my firm haven't got any communication for this years Bank Audit. May be, we are being rested and we have to accept that.

We all have to accept, that situation and scenario has changed in the last 5 years.We should not 'assume' that every year we will

get Bank Audit.

We have to change, we have to evolve with this changing scenario.We have to make our service to our clients a " value-addition"

and not mere an attest function.We have to explain to the society and to our clients and we have to make them belief that as a

Chartered Accountant we have much to contribute.

Every year after Audit completion, the Bank Manager is required to fill up a Performance Report on Branch Audit.

On the basis of that, Banks prepare a list of CA firms which they think have not performed well.

The Report contains Managers comments.

Some examples :

1) Audit team comprising only article clerks.

2) Not visiting the Bank and signing from Hotel room.

3) Spending more time in deciding on menu for lunch and dinner.

4) Improper behavior of Audit team members.

And this reason is most common - Visiting local places of interest at Banks cost.

I think days are not far when RBI will prepare a list called - NPCA ( Non-performing CAs).

My apologies if i said anything wrong or if I have hurt anybody but this is the fact.

2 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Omkar (Finance & Acct Dept) (75 Points)
Replied 17 March 2016

Good Comment "Mitra". CA Should not depend on Bank Audits. they have to create its Good Client base other than Banks. Some times it is found that bank audits are accepted / preferred as Audit firm gets Best Fees in less time....

PANKAJ AGGARWAL (PARTNER) (101 Points)
Replied 22 March 2016

Pls update whether any member received allotment from any bank for statutory audit.

G GURUMOORTHI (PARTNER) (51 Points)
Replied 25 March 2016

Received from Canada bank allotment of 3 branches

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

Trending Online Classes

5 days Certification Course on GST Practical Return Filing Process

CA Pratibha Goyal

Enroll Now

21 August 2024
Mastering Power BI for Financial Analysis - Data-Driven Finance

CA Vishal Zawar

Enroll Now

19 August 2024
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)

CA Arun Chhajer

Enroll Now

05 August 2024

Bank branch audit allotment for 2015-16

4 Replies

Online classes for CA CS CMA. Professional courses for GST, Tally, Others & Books

Leave a reply

Recent Topics

Related Threads

Popular Discussion

Trending Online Classes

Subscribe to the latest topics :

Search Forum: